$16.88M Fannie Mae financing secured for Central Washington community

DENVER, July 17, 2024 – JLL Capital Markets announced today that it has arranged $16.88 million in acquisition financing for The Landing at Saddlerock, formally Eleven01 at Saddlerock, an 84-unit, garden-style multi-housing community in Wenatchee, Washington.

JLL worked on behalf of the borrower, Graystoke Capital Partners, to originate the seven-year, fixed-rate, FTIO, near-stabilization Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC.

The Landing at Saddlerock is located at 1105 Red Apple Rd. in Wenatchee, which is approximately 150 miles east of Seattle, along the Columbia River. The property is well-positioned across the street from Wenatchee High School and next to Confluence Health Hospital, as well as an abundance of outdoor recreation options, including the Saddlerock Trail system.

Completed in December 2023, The Landing at Saddlerock consists of seven buildings containing a selection of one-, two- and three-bedroom units featuring quartz countertops, stainless appliances, nine-foot ceilings and spacious floor plans averaging 986 square feet. Community amenities include a leasing office, dog run, gazebo, gas grills and access to local trail systems. The property was 82% occupied and 85% leased at the time of closing and will be managed by Fortified Property Solutions, Graystoke’s integrated property management company.

“We are excited about Wenatchee and the recent economic developments within the market. The Landing at Saddlerock, along with JLL’s favorable pre-stabilized debt execution, aligns perfectly with our mission,” commented Graye Parnell, Founder and Managing Principal with Graystoke Capital Partners.

“Another great execution by Tony and the JLL team, we appreciate the partnership,” added Matt Steffen, Managing Principal with Graystoke Capital Partners.

JLL’s Debt Advisory team representing the borrower was led by Managing Director Tony Nargi and Director Brock Knapp.

"JLL is thrilled to be involved in this financing for Graystoke Capital Partners. Graystoke uncovered a terrific buy of a brand-new property at well below current replacement cost," said Nargi. "The strong sponsorship, market fundamentals and acquisition financing allowed for Fannie Mae to utilize their near stabilization program and close the loan at 82% occupancy."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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